Vancouver, British Columbia / October 11, 2018 / Arctic Star Exploration Corp. (TSX.V: ADD) (“Company”) is pleased to report that it has staked 8 new mineral claims adjoining the pre-existing Diagras property in the Northwest Territories, a contributing Joint Venture between Arctic Star Exploration (40%) and Margaret Lake (60%). The new claims cover 3,896 hectares increasing the Diagras property to a total of 22,595 hectares, within 29 mineral claims.
The new claims cover 8 previously discovered kimberlites, bringing the property total to 20 known kimberlites.
Diagras is located in the prolific Lac de Gras diamond field just 35 kilometers from the world-class Diavik diamond mine. The Property lies directly on trend with the Diavik deposits currently being mined by a joint venture between Rio Tinto and Dominion Diamond Diavik.
The company exploration strategy has been to conduct ground gravity, Magnetic and EM surveys over and around the known kimberlites in search of previously undiscovered kimberlite or non-magnetic kimberlite phases.
The ground geophysical work carried out to date has generated drill targets near the HL02, Suzanne, Jack Pine, and Black Spruce kimberlites.
The company plans to conduct further geophysical surveys in Spring 2019 followed by a drill program. Table 1 below lists the known kimberlites, with a description of what work has been completed to date, on the property.
Table 1 Lists Known Kimberlites, Completed Work, and Drill Targets
|TAZ HL-04||Mag low in lake||X|
|Dodi||Possible EM conductor||X|
|HL-02||EM and Mag VK||X||X||Yes|
|Kong W||Mag low HK||X|
|Kong E||Mag Low||X|
|Suzanne||Unknown||X||X||X||Yes target linear EM and gravity|
|Black Spruce||Mag Low||X||X||Yes gravity target to south of known kimberlite|
|Jack Pine||Mag Low||X||X||X||Yes Gravity target to the north of known kimberlite named Sequoia|
|Mag low Airborne
|George||Airborne Mag||Yes, Airborne mag low|
|Drew||Airborne Mag and EM||Yes, Airborne mag low and conductor|
|Tabatha||Possible airborne EM||Yes, Possible airborne conductor|
|Finlay||Airborne Mag||Yes, Airborne mag low|
|HL-01||Airborne Mag||Yes, Airborne mag low|
|Petra||Airborne EM||Yes, Airborne conductor|
Table Notes: HK = Hyperabyssal Kimberlite, VK = Volcanoclastic kimberlite, and EM = Electromagnetic
The addition of these extra claims and additional known kimberlites to the portfolio increases the odds of locating untested kimberlite phases.
Granting of Stock Options
Arctic Star has granted 500,000 stock options to a consultant for the purchase of up to 500,000 common shares of the Company pursuant to its Stock Option Plan. Each option is exercisable for a period of 5 years at a price of $0.10 per common share.
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 years’ experience in diamond exploration, discovery and evaluation. A Qualified Person under the provisions of National Instrument 43-101.
About Arctic Star
The Company owns 100% of the recently acquired Timantti Diamond Project including a 243 Ha Exploration Permit and a 193,700 Ha Exploration Reservation near the town of Kuusamo, in Finland. The project is located approximately 550km SW of the operating Grib Diamond Mine in Russia. Arctic has commenced its exploration in Finland on the Timantti Project, where four diamondiferous kimberlite bodies may represent the first finds in a large kimberlite field. The Company also controls diamond exploration properties in Nunavut (Stein), the NWT (Diagras and Redemption) and a rare metals project in BC (Cap).
Arctic Star has a highly experienced diamond exploration team previously responsible for several world class diamond discoveries.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Scott Eldridge, President & CEO
+1 (604) 722-5381
Patrick Power, Executive Chairman
+1 (604) 218-8772
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: Certain statements in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include that the Timantti Project transaction is a pre-eminent opportunity.